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2024

Events Industry Market

Events Industry Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Organizer : Global Opportunity Analysis and Industry Forecast, 2024-2035

CG : Hospitality

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Author's: Dhanraj Bharatrao Lomate | Roshan Deshmukh
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Events Industry Market Research, 2035

The global events industry market size was valued at $438.8 billion in 2023 and is projected to reach $819.1 billion by 2035, growing at a CAGR of 5.4% from 2024 to 2035. Events refer to the public gathering of the populace at a determined time and place for a purpose. The purpose of staging an event can be to increase business profitability, celebratory, entertainment, and community causes. The most popular events include music & art performances, sports, and festivals. The key stakeholders within the events industry are corporate organizations, public organizations & NGOs, and similar others.

Events Industry Market

The growth of the global events industry is majorly driven by a rise in the frequency of music concerts, and sports events. Furthermore, deployment of best-in-class technology that can handle the entire event propels industry growth. Moreover, customarily held multi-dimensional events act as a key driver of the global events industry. In addition, sponsorships from various brands such as Redbull, Monster Energy, Nike, Cocoa Cola, and others, for a major global three-day festival as well as a small gig or act in a social club or arena boost the market growth.

MARKET DYNAMICS

The primary factor behind the expansion of the events industry market is the surge in event sponsorships on a global scale. Leading players across diverse industries are heavily investing in events, such as sporting competitions and concerts, as a strategic means to promote and raise awareness about the products and services offered by their respective businesses. By sponsoring these events, companies aim to capitalize on the extensive reach and audience engagement that such gatherings command, thereby fostering brand visibility, customer engagement, and potential business growth opportunities. This trend of heightened sponsorships highlights the pivotal role events play in the modern business landscape, making it a key driver of market growth and competitiveness.

Event sponsorship is a crucial strategic investment for businesses seeking enhanced brand visibility and targeted marketing opportunities. Sponsorship is used to provide financial assistance to an event or organization. In addition, sponsorship allows the main players to advertise their products and reach a diverse consumer base, which ultimately increases product acceptance. Tax deductions on sponsorship expenses present added incentives for businesses to capitalize on these opportunities, thus maximizing returns on their marketing investments. This event sponsorship offers a comprehensive array of benefits that facilitate the achievement of the marketing, branding, and financial objectives of the business. Moreover, it also promotes brand loyalty and helps to concentrate on consumer preferences. Furthermore, events serve as an effective means to captivate the interest of existing and prospective customers, which thus leaves a positive impression that fosters heightened brand loyalty.

However, organizing an event involves complexities and substantial costs, with multiple factors such as venue costs, logistics and transportation, marketing, and promotion, among others contributing to the overall operational expenses. These expenses include on-site fees, venue costs, food and catering expenditures, event rentals, entertainment expenses, and production costs. On-site expenses entail charges imposed by the event venue, which can significantly add to the overall budget of the event. In addition, venue costs comprise various components such as security deposits, room rentals, insurance coverage, and parking fees.

The food and catering aspect involve the cost of providing beverages, meals, and labor fees for servers, among other related expenses. Another substantial cost in event organization is the production expenditure, which covers the logistics of planning and managing administrative elements, along with efforts to attract attendees. These costs collectively contribute to the high operational expenses incurred in the process of organizing events. Therefore, the substantial financial burden associated with event planning becomes a prominent factor that hampers the growth of the global event market.

The evolution of event management was significantly influenced by technological advancements, transforming the way communication and transactions take place in real-time. Online booking, phone calls, emails, and video conferences have revolutionized event planning, making it cost-effective and easily accessible. This shift in approach enabled event organizers to reach a broader customer base through various creative means facilitated by digital evolution. The proliferation of smartphones, desktop apps, and mobile apps played a pivotal role in streamlining event organization, which thus makes it more efficient and manageable. These technological tools empowered individuals to organize, coordinate, and execute tasks with ease and minimal time and effort investment. As a result, events are conducted seamlessly through webinars and video conferences, which opens lucrative opportunities for market expansion in the future.

With the help of technology, event managers can now efficiently handle event logistics, registration, and ticketing processes, leading to enhanced attendee experiences and increased satisfaction. Moreover, real-time communication tools facilitate better coordination among event teams, which ensures smoother execution and reduces the chances of errors. In addition to optimizing internal processes, technology paved the way for enhanced customer engagement and personalization. Event organizers can leverage data analytics to understand the preferences and behaviors of attendees and may tailor the event experiences to suit individual needs. This not only boosts customer satisfaction but also strengthens brand loyalty and increases the likelihood of repeated attendance. Furthermore, the trend of online events through webinars and video conferences is expected to grow continuously. This presents new opportunities for businesses to expand their market reach beyond geographical boundaries, tapping into global audiences and fostering international collaborations during the events industry market forecast

SEGMENTAL OVERVIEW

The events industry is segmented into type, organizer, and region. By type, the market is divided into music concerts, festivals, sports, and others. As per the organizer, it is categorized into sports, entertainment, and others. Region-wise, the market is analyzed across North America and Europe.

Events Industry Market by Type

BY TYPE

By type, the sports segment held the major share of the market in 2023 and is anticipated to maintain its dominance throughout the forecast period. It has been witnessed that sports events have become more commercial over the last two decades. Thus, sports serve as a significant marketing advertisement opportunity for event management companies, which sponsor these events. In addition, sports events have become more accessible to the public, owing to huge stadiums, advanced infrastructure, and increased usage of social media & other related platforms. Moreover, sponsors' reach toward customers has increased, which has taken a more commercialized and structured approach to event management.

As more people develop an interest in various sports, the demand for live events, both in-person and virtual, increases. This heightened interest leads to higher ticket sales, boosting event attendance and revenue. Media viewership also rises as fans seek to follow their favorite sports and athletes, which, in turn, attracts lucrative broadcasting deals and advertising revenue. Additionally, the growing popularity of sports attracts corporate sponsors looking to capitalize on the extensive reach and visibility of sports events, further boosting the events industry market growth.

Events Industry Market by Organizer

BY ORGANIZER

As per the organizer, the entertainment segment held the major events industry market share in 2023 and is anticipated to maintain its dominance throughout the forecast period. The entertainment industry comprises club festivals that feature music conferences and international music professionals. These conferences bring together performing artists and speakers from around the globe to network and share ideas. The lineup of speakers includes entrepreneurs, artists, producers, and industry leaders. These events primarily aim to innovate, educate, and inspire professionals in the electronic music field and foster discussions on new technologies and social & environmental responsibility. Event management companies prioritize aspects such as social media presence, on-site food offerings, live music experiences, virtual reality encounters, and other amenities.

Events Industry Market by Region

BY REGION

Region-wise, Europe region held the major share of the market in 2023 and is anticipated to maintain its dominance throughout the forecast period. Companies in the region have become more prudent with their spending, which thus leads to a demand for events within closer proximity and at mid-scale venues such as festivals and music shows. Europe has been successful in attracting international association conferences, with over half of the top destinations for such conferences located in the region. The events industry in Europe is experiencing further growth due to the increase in the adoption of smart devices and internet usage, which resulted in a gradual rise in online bookings for music concerts, sports events, and other gatherings. Moreover, owing to the substantial impact on the GDP of Western European countries such as the UK, Germany, the Netherlands, Belgium, and Czechia, European governments actively support and promote the events sector.

The events industry in North America is experiencing rapid growth driven by strong economic expansion, regional cooperation, and intellectual advancement. Major cities such as New York, Los Angeles, and Toronto serve as key hubs due to their extensive infrastructure and dynamic cultural scenes. The industry benefits from strong economic conditions, high levels of disposable income, and a robust corporate landscape, driving demand for both business and leisure events. Technological advancements, including virtual and hybrid event solutions, have expanded the reach and accessibility of events, catering to a broader audience. Moreover, significant investment in event venues, alongside stringent safety and health regulations, ensures a high standard of execution and attendee satisfaction which is expected to propel events industry market demand.

COMPETITION ANALYSIS

The major players analyzed for the events industry market are Access Destination Services, LLC, Cvent Holding Corp., CL Events, DRPG Group, Anschutz Entertainment Group, ATPI Ltd., Capita Plc., BCD Group International BV, Clarion Events Limited, Evenbrite, and Live Nation.

Manufacturers in the events industry market are actively engaged in meeting dynamically changing customer demands through continuous production of new and innovative services with enhanced features. These market players invest in research and development to drive innovation, improve functionality, and provide greater choice to their customers. Therefore, they collaborate with production partners, regulatory bodies, and industry stakeholders to navigate different services and regulatory compliance, and stay ahead of industry trends. Manufacturers are focused on the expansion of their services while optimizing costs, which may help them to cater to the increase in demand from the customer.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the events industry market analysis from 2023 to 2035 to identify the prevailing events industry market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the events industry market segmentation assists in determining the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global events industry market trends, key players, market segments, application areas, and market growth strategies.

Events Industry Market Report Highlights

Aspects Details
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Market Size By 2035

USD 819.1 billion

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Growth Rate

CAGR of 5.4%

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Forecast period

2023 - 2035

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Report Pages

225

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By Organizer
  • Others
  • Sports
  • Entertainment
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By Type
  • Music Concert
  • Festivals
  • Sports
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Spain, Russia, Netherlands, Sweden, Belgium, Denmark, Finland, Poland, Czehia, Hungary, Romania, Rest of Europe)
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Key Market Players

ATPI Ltd., Anschutz Entertainment Group, Eventbrite, Live Nation, BCD Group International BV, Clarion Events Limited, Access Destination Services, LLC, CL Events, DRPG Group, Cvent Holding Corp., Capita plc.

Analyst Review

According to the perspective of the top-level CXOs, the events industry is growing at a significant pace, and is anticipated to continue this trend in the coming years. Events play a vital role in revenue generation and brand equations for corporates and associations. It has been witnessed that events of recent years are equally interesting than the past decade, driving shifts in choice and pressurizing event planners and owners. This industry is witnessing the entry of new and independent players who are leveraging technology to gain a competitive advantage in today’s consolidated environment. However, companies are facing challenges in this industry to manage live inventory for simple and small events. Conversely, the focus of companies is to enhance the attendee experience and witness the successful completion of an event without any hindrance.

The events industry serves as a potent means for businesses to establish meaningful connections with their customers, employees, and partners. In an increasingly digital world, the events sector is poised to undergo further advancements and expansion. By leveraging events, companies can foster valuable relationships, enhance brand visibility, and create impactful experiences that contribute to their overall success and growth. In response to the ongoing evolution of technology and shifting consumer preferences, businesses will proactively adjust their event strategies to maintain relevance and effectively engage their target audiences. Moreover, the demand for corporate events is increasing as businesses look for new ways to engage their employees and customers. Nowadays, customers look for experiences that are memorable and meaningful, as it provides attendees with unique experiences. In addition, they believe the event industry is well-positioned to meet this demand in the coming years.

Author Name(s) : Dhanraj Bharatrao Lomate | Roshan Deshmukh
Frequently Asked Questions?

The event industry market was valued at $438.8 billion in 2023 and is projected to reach $819.1 billion by 2033, registering a CAGR of 5.4% from 2024 to 2035.

The events industry market is analyzed on the basis of type, organizer, and region. By type, the market is divided into music concerts, festivals, sports, and others. By the organizer, it is classified into sports, entertainment, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (France, UK, Italy, Spain, Russia, Netherlands, Sweden, Belgium, Denmark, Finland, Poland, Czechia, Hungary, Romania, and Rest of Europe).

Europe is the largest regional market for the event industry

The major players operating in the global events industry market are Access Destination Services, LLC, Cvent Holding Corp., CL Events, DRPG Group, Anschutz Entertainment Group, ATPI Ltd., Capita Plc., BCD Group International BV, Clarion Events Limited, Evenbrite, Live Nation.

The global event industry market report is available on request on the website of Allied Market Research.

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Events Industry Market

Global Opportunity Analysis and Industry Forecast, 2024-2035